EIT.UN Canoe EIT Income Fund

Canoe EIT Income Fund (the “Fund”) (TSX: EIT.UN) (TSX: EIT.PR.A) (TSX: EIT.PR.B) is pleased to announce that it is renewing its at-the-market equity program (the “ATM Program”) that will allow the Fund to issue up to $625,000,000 of units of the Fund (the “Units”) to the public from time to time, at the discretion of Canoe Financial LP (the “Manager”). Any ATM Program Units issued will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Units are listed, quoted or otherwise traded. This ATM Program replaces the prior program established in December 2021 that has terminated.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until January 7, 2025 unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with the Fund’s investment objectives and strategies, subject to the Fund’s investment restrictions.

The Fund’s regular monthly distribution of $0.10 per Unit remains unchanged. The Fund has maintained the $0.10 per Unit monthly distribution since August 2009, through varying market conditions. The Fund’s annual voluntary redemption feature for unitholders also remains unchanged.

Sales of the Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated December 8, 2022 with National Bank Financial Inc. (the “Agent”).

Sales of Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Units in Canada. Since the Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. In order to ensure that the price at which the Units are sold under the ATM Program is at least equal to the most recent net asset value per Unit, the Manager may make voluntary cash contributions per Unit to the Fund depending on the price at which Units are sold during the period of any distribution. The ATM Program is being offered pursuant to a prospectus supplement dated December 8, 2022 to the Fund’s short form base shelf prospectus dated December 7, 2022. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR at www.sedar.com.

The Units have not been, nor will be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or applicable exemption from the registration requirement of such Act and applicable state securities laws. This news release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.

About Canoe EIT Income Fund

Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbols EIT.UN, EIT.PR.A and EIT.PR.B, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

About Canoe Financial

Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing over $12.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

For further information, please contact:Investor Relations1-877-434-2796www.canoefinancial.cominfo@canoefinancial.com

Forward Looking Statement: Certain statements included in this news release constitute forward looking statements which reflect Canoe Financial LP’s current expectations regarding future results or events. Words such as “may,” “will,” “should,” “could,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “potential,” “continue” and similar expressions have been used to identify these forward-looking statements. In addition, any statement regarding future performance, strategies, prospects, action or plans is also a forward-looking statement. Market predictions and forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, performance, events, activity and achievements to differ materially from those expressed or implied by such statements. Forward looking statements involve significant risks and uncertainties and a number of factors could cause actual results to materially differ from expectations discussed in the forward looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements are based on what Canoe Financial LP believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the current date and we assume no obligation to update or revise them to reflect new events or circumstances.

The Fund makes monthly distributions of an amount comprised in whole or in part of return of capital (ROC) of the net asset value per Unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the Fund, which could reduce the Fund’s ability to generate future income. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the Fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.